Mint (coinage)

I

Introduction

Mint (coinage) (Latin moneta,”mint” or “money”; derived from Moneta, a surname of the goddess Juno, whose temple at Rome was used for coining money), establishment for making coins, or pieces of metal designed to circulate as money. Before the coinage of money, trading had been accomplished either by exchange of goods in bulk or by use of granular or bar gold and silver in the settling of accounts. This system was cumbersome and inconvenient and acted as an obstacle to the expansion of commerce and industry. The invention of coinage, or minting, was a solution of this problem.

II

History of Coinage

Coins first appeared around the 6th century bc in the district of Lydia, in Asia Minor, at that time the principal industrial and trading country of the ancient world. During the next few centuries, a great many varieties of coins were issued by the Greek and other city-states. Under the Roman Empire, however, this multiplicity was ended, and the first important standardization of sizes, weights, and values of coins was inaugurated through the banning of private or unauthorized minting. Minting again became chaotic throughout Europe after the collapse of the empire of Charlemagne, Holy Roman emperor, in the 9th century. During the Middle Ages, hundreds of local authorities minted their own money, and kings, nobles, and individual cities all issued coins without regard to uniformity or general convenience. After the Norman Conquest, for example, as many as 70 mints existed in Britain alone. Later, centralized modern states made coin uniformity possible for wider areas.

III

Standard and Token Coins

Metallic coins may be either standard coins or token coins. Standard coins are made of standard monetary metal and are worth as much as or slightly more than the metal they contain. Token coins are those that have far greater nominal than metallic or intrinsic value; in this respect they are analogous to paper money. These coins usually consist of alloys of precious and base metals. The mints of most countries made both standard and token coins during the 19th century, but with the widespread abandonment of the gold standard between World Wars I and II, standard coins have been withdrawn from circulation in almost every part of the world.

IV

Minting Process

Modern minting involves several distinct processes. The particular metal is first melted and cast into bars, which are then rolled into strips of uniform thickness and quality. These strips are run through machines that punch out circular metal disks, called planchets. The planchets are then checked for accuracy of weight. If they are too heavy, they are filed down at the edges, if too light, they are remelted and recast. The rims of acceptable planchets are rolled so as to project beyond the surface of the coins and protect them from wear. The planchets are then cleaned and, at the last stage in the process, struck by dies with the impression of the finished coin. Many types of coins also have their edges milled, that is, grooved, to expose later clipping or filing, in the case of standard coins, and to aid in their handling.

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See also Coins and Coin Collecting; Currency; Mint, United States.

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